SOPR Candles Oscillator

2022년 4월 6일

The Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output. Or simply: price sold / price paid. This metric was created by Renato Shirakashi.

The indicator provides insight into macro market sentiment, profitability and losses taken over a particular time-frame. It reflects the degree of realized profit for all coins moved on-chain.

SOPR is measured by taking the ratio between the fiat value at the time of UTXO creation, and the fiat value when the UTXO is spent.

In this indicator, I have essentially created an index that measures SOPR value on any given day. This is visually displayed as an oscillator.

SOPR values greater than 0 implies that the coins moved that day are, on average, selling at a profit (price sold is greater than the price paid).

SOPR value less than 0 implies that the coins moved that day are, on average, selling at a loss (price sold is less than the price paid).

You have the ability to see the SOPR of BTC , ETH and LTC. You can also smooth the SOPR using an EMA or SMA of your choice. I have added colored bars to the chart to make it easier to visualize SOPR and it's relation to price action.

Thank you to both TradingView and Glassnode for adding all the on-chain data.